New Century Financial Corp., Irvine, Calif., has established a $2 billion asset-backed extendable short-term note facility.The facility will be used by the subprime mortgage banker to fund loan production and to aggregate loans pending sale, the company said. The notes connected with the facility will be issued in private offerings and thus will not be registered under the Securities Act of 1933. They will not be sold in the United States absent registration or exemption. New Century can be found online at http://www.ncen.com.
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